Earnings per Share

9 Months Ended

Sep. 30, 2020


3.			Earnings (Loss) per Share

Basic and diluted earnings (loss) per share are calculated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share data)	2020		2019		2020		2019
Net income (loss)	$	(6,046)	$	10,029	$	(53,595)	$	38,435
Less: Additional common stock issued to Series G shareholders	—		(37,456)		—		(37,456)
Less: Net income allocated to participating securities (1)	—		—		—		(979)
Net (loss) income attributable to common stockholders	$	(6,046)	$	(27,427)	$	(53,595)	$	—

Basic weighted-average common shares outstanding	27,459,192		4,294,107		27,237,246		3,397,503
Weighted average effect of dilutive securities:
Stock options	—		—		—		—
Restricted stock units	—		—		—		—
Warrants	—		—		—		—
Diluted weighted-average common shares outstanding	27,459,192		4,294,107		27,237,246		3,397,503

Earnings (loss) per share:
Basic	$	(0.22)	$	(6.39)	$	(1.97)	$	—
Diluted	$	(0.22)	$	(6.39)	$	(1.97)	$	—

(1) In a period of net income, both earnings and dividends (if any) are allocated to participating securities. In a period of net loss, only dividends (if any) are allocated to participating securities.

The following common share equivalent securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Stock options	4,462,158	4,571,154	4,352,649	4,705,200
Restricted stock units	2,331,678	1,325,166	2,120,068	779,776
Warrants	—	24,880	13,866	24,933
Convertible preferred stock	—	16,266,773	—	16,886,597
Total anti-dilutive common share equivalents	6,793,836	22,187,973	6,486,583	22,396,506